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Week 3 & 4-APC 302 Handout-Prelim
Week 3 & 4-APC 302 Handout-Prelim
ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
care!
APC 302
AUDITING AND ASSURANCE:
CONCEPTS AND APPLICATION 1
(WEEK 3 & 4 HANDOUT)
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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WEEK 3 & 4: PHASE I-RISK ASSESSMENT: PLANNING THE AUDIT AND DEVELOPMENT OF OVERALL AUDIT STRATEGY
Planning
-is a continuous and iterative process that often begins shortly after or in connection with the completion of the previous audit and continues until the
completion of the current audit engagement.
*However, in planning an audit, the auditor considers the timing of certain planning activities and audit procedures that need to be completed prior to
the performance of further audit procedures.
*For example, the auditor plans the discussion among engagement team members, the analytical procedures to be applied as risk assessment
procedures, the obtaining of a general understanding of the legal and regulatory framework applicable to the entity and how the entity is complying
with that framework, the determination of materiality, the involvement of experts and the performance of other risk assessment procedures prior to
identifying and assessing the risks of material misstatement and performing further audit procedures at the assertion level for classes of transactions,
account balances, and disclosures that are responsive to those risks.
Among the benefits derived from audit planning are the following:
1. It helps ensure that appropriate attention is devoted to important areas of the audit.
2. It aids in identifying potential problems and resolving them on a timely basis.
3. It helps ensure that the audit is properly organized, managed and performed in an effective and efficient manner.
4. It assists in the proper assignment and review of the work of the engagement team members.
5. It helps coordinate the work to be done by auditors of components and other parties involved such as experts, specialists, etc.
"Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial
statements. Materiality depends on the size of the item or error judged in the particular circumstances of its omission or misstatement.
Thus, materiality provides a threshold or cut-off point rather than being a primary qualitative characteristic which information must have if it
is to be useful."
This definition emphasizes the importance of materiality to reasonable users who rely on the statements to make decisions. Auditors,
therefore, must have knowledge of the likely uses of their client's statements and the decisions that are being made.
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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The auditor's determination of materiality is a matter of professional judgment and is affected by the auditor's perception of the financial information
needs of users of the financial statements. In this context, it is reasonable for the auditor to assume that users:
1. Have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information in the
financial statements with renewable diligence;
2. Understand that financial statements at prepared mud and audited to levels of materiality;
3. Recognize the uncertainties inherent in the measurement of amounts based on the use of estimates, judgment and the consideration of
future events; and
4. Make reasonable economic decisions on the basis of the information in the financial statements.
Levels of Materiality
The auditor considers materiality at both the overall financial statement level and in relation to individual account balances, classes of transactions
and disclosures. Materiality may be influenced by considerations such as legal and regulatory requirements and considerations relating to individual
financial statement account balances and relationships. This process may result in different materiality levels depending on the aspect of the
financial statements being considered.
1. Overall materiality
Materiality for the financial statements as a whole (overall materiality) is based on the auditor's professional judgment as to the
highest amount of misstatement(s) that could be included in the financial statements without affecting the economic decisions
taken by a financial statement user. If the amount of unconnected misstatements, either individually or in the aggregate, is higher
than the overall materiality established for the engagement, it would mean that the financial statements are materially misstated.
Overall materiality is based on the common financial information needs of the various users as a group. Consequently, the
possible effect of misstatements on specific individual users, whose needs may vary widely, is not considered.
2. Specific materiality
In some cases, there may be a need to identify misstatements of lesser amounts than overall materiality that would affect the
economic decisions of financial statement users. This could relate to sensitive areas such as particular note disclosures (i.e .,
management remuneration or industry-specific data), compliance with legislation or certain terms in a contract, or transactions
upon which bonuses are based. It could also relate to the nature of a potential misstatement.
PSA 320 likewise requires that performance materiality be set.
Performance Materiality
Performance materiality is used by the auditor to reduce the risk to an appropriate low level that the accumulation of uncorrected and
unidentified misstatements exceeds materiality for the financial statements as a whole (overall materiality), or materiality levels established
for particular classes of transactions, account balances, or disclosures (specific materiality).
Performance materiality is set at a lower amount (or amounts) than overall specific materiality. The objective is to perform more audit work than
would be required by the overall or a specific materiality to:
1. Ensure that misstatements less than overall or specific materiality are detected, so as to appropriately reduce the probability that the
aggregate of uncorrected errors and undetected misstatements exceed materiality for the financial statements as a whole; and thus
2. Provide a margin or buffer for possible undetected misstatements. This buffer is between detected but uncorrected misstatements in the
aggregate and the overall or specific materiality.
The margin provides some assurance for the auditor that undetected misstatements, along with all uncorrected misstatements, will not likely
accumulate to reach an amount that would cause the financial statements to be materially misstated.
Performance materiality is set in relation to overall materiality or specific materiality. For example, a specific performance materiality can be set at a
lower amount than overall performance materiality for testing repairs and maintenance expenses if there is a higher risk of assets not being
capitalized. Specific performance materiality may also be used to perform additional work in areas that may be sensitive due to the nature of
potential misstatements and their occurrence, rather than their monetary size.
For example, if overall materiality was set at P200,000 and the audit procedures were planned to detect all errors in excess of P200,000, it is quite
possible that an error of say P80,000 would go undetected. If three such errors existed totaling to P240,000, the financial statements would be
materially misstated. If performance materiality was set at P120,000, it would be much more likely that at least one or all of the P80,000 errors would
be detected. Even if only one of the three errors is identified and corrected, the remaining P160,000 misstatement would still be less than P200,000
and the financial statements as a whole would not be materially misstated.
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
PRELIM
materiality". This judgment need not be quantified but often is. It is called a preliminary judgment about materiality because it is a professional
judgment and may change during the engagement if circumstances change. The reason for determining "planning materiality" is to help the auditor
plan the appropriate evidence to accumulate. If the auditor sets a low peso amount, more evidence is required than for a high amount.
In establishing planning materiality or preliminary judgment about materiality, an auditor must also consider any potential effect a misstatement might
have which may be greater than the peso amount involved. A misstatement which may not be material based on quantitative factors but that does
not allow a client to meet a condition in a contractual obligation or expectations of a financial statement user may be considered material. In these
instances, amount of planning materiality based on the users’ expectations of income or alter those working on the engagement to the potential for
these types of material misstatement.
Other Considerations
1. When accepting new audit engagement, inquire about the overall materiality used by the previous auditor. If available, this would help in
determining whether further audit procedures may be required on the opening asset and liability balances.
2. Ensure that any experts employed by the entity (to assist the entity in preparing the financial statements) or used by the audit team are
instructed to use an appropriate materiality level in relation to the work they perform.
3
ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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Group A
1. Issuers of registered securities which have sold a class of securities pursuant to a registration under Section 12 of the Securities
Regulation Code (SRC) except those issuers of registered timeshares, proprietary and non-proprietary membership certificates which are
covered in Group B.
2. Issuers with a class of securities listed for trading in an Exchange;
3. Public companies or those which have total assets of at least Fifty million pesos (P50,000,000) or such other amount as the Commission
shall prescribe, and having two hundred (200) or more holders each holding at least One hundred (100) shares of a class of its equity
securities.
Group B
1. Issuers of registered timeshares, proprietary and non-proprietary membership certificates;
2. Investment Houses;
3. Brokers and Dealers of securities;
4. Investment companies;
5. Government Securities Eligible Dealers (GSEDs);
6. Universal Banks Registered as Underwriters of Securities;
7. Investment Company Advisers;
8. Clearing Agency and Clearing Agency as Depository;
9. Stock and Securities Exchange/s;
10. Special Purpose Vehicles registered under the Special Purpose Vehicle act of 2002 and its implementing rules;
11. Special Purpose Corporations registered under the Securitization act of 2004 and its implementing rules;
12. Such other corporations which may be required by law to be supervised by the Commission.
Group C
1. Financial Companies;
2. Lending Companies;
3. Transfer Agents;
4. Foundations and other non-stock non-profit organizations which solicit or received donations or contributions or with fund balance
aggregating to more than P10 million at any given year; and
5. Large corporations or those with total assets of more than P350 million or total liabilities of more than P250 million.
Group D
1. Companies not included above but are mandated by other regulatory agencies to have an independent auditor accredited by the
Commission.
a. For Groups A and B, both the independent auditor and auditing firms (if applicable) shall be accredited by the Commission.
b. For Group C, the accreditation of the auditing firms shall be sufficient. However, an individual independent auditor shall be
accredited by the Commission as such.
c. Accreditation under Group A shall be considered a general accreditation which shall allow the independent auditor to also audit
companies under Groups B, C and D. Independent auditors with Group B accreditation can likewise audit companies under
Groups C and D. Accordingly, Group C accredited independent auditors are allowed to audit Group D companies.
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APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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Discussion with management regarding the expected communication on the status of audit work throughout the engagement.
3. Considering the significant factors and experience that will determine the focus and direction of the engagement teams efforts, such as:
Determination of appropriate materiality levels
Preliminary identification of areas where there may be higher risks of material misstatement.
Preliminary identification of material components and account balances.
Evaluation of whether the auditor may plan to obtain evidence regarding the effectiveness of internal control, and
Identification of recent significant entity-specific, industry, financial reporting or other relevant developments.
4. Determining whether there are significant business developments affecting the entity such as:
Significant industry development (e.g ., changes in industry regulations and new reporting requirements.)
Significant changes in information technology and business processes, key management, acquisition, mergers.
Significant changes in the financial reporting framework such as changes in accounting standards.
Significant changes in the legal environment.
5. Determination of the nature, timing and extent of resources required.
-The audit strategy sets out clearly, in response to the matters identified in the above mentioned process, and subject to the completion of
the auditor's risk assessment procedures:
The resources to deploy for specific audit areas, such as the use of appropriately experienced team members for high risk areas
or the involvement of experts on complex matters;
The amount of resources to allocate to specific audit areas, such as
a. The number of team members assigned to observe the inventory count at material locations,
b. The extent of review of other auditors' work in the case of group audits, or
c. The audit budget in hours to allocate to high risk areas;
When these resources are deployed, such as whether at an interim audit stage or at key cut-off dates; and
How much resources are managed, directed and supervised, such as when team briefing and debriefing meetings are expected
to be held, how engagement partner and manager reviews are expected to take place (for example, on-site or off-site), and
whether to complete engagement quality control reviews.
Engagement budgeting including time allocation.
*The Appendix of PSA 300 lists examples of matters the auditor may consider in establishing the overall audit strategy for an engagement. Many of
these matters will also influence the auditor's detailed audit plan.
Once the audit strategy has been established, the auditor is able to start the development of a more detailed audit plan to address the various
matters identified in the audit strategy, taking into account the need to achieve the audit objectives through the efficient use of the auditor's
resources. Although the auditor ordinarily establishes the audit strategy before developing the detailed audit plan, the two planning activities are not
necessarily discrete or sequential processes but are closely inter-related since changes in one may result in consequential changes to the other. The
auditor should develop an audit plan for the audit in order to reduce audit risk to an acceptably low level.
The audit plan is more detailed than the audit strategy and includes the nature, timing and extent of audit procedures to be performed by
engagement team members in order to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level. Documentation of
the audit plan also serves as a record of the proper planning and performance of the audit procedures that can be reviewed and approved prior to
the performance of further audit procedures.
Likewise, the auditor should determine whether management or these charged with governance imposes any type of limitation on the scope of the
audit. This could include:
1. A description of the nature, timing and extent of planned risk assessment procedures sufficient to assess the risks of material
misstatement, as determined under PSA 315, "Understanding theEntity and Its Environment and Assessing the Risks of Material
Misstatement";
2. A description of the nature, timing and extent of planned further audit procedures at the assertion level for each material class of
transactions, account balance, and disclosure, as determined under PSA 330, "The Auditor's Procedures in Response to Assessed Risks."
The plan for further audit procedures reflects the auditor's decision whether to test the operating effectiveness of controls, and the nature,
timing and extent of planned substantive procedures; and
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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3. Such other audit procedures required to be carried out for the engagement in order to comply with PSAs (for example, seeking direct
communication with the entity's lawyers).
Planning for these audit procedures takes place over the course of the audit as the audit plan for the engagement develops. For example, planning
of the auditor's risk assessment procedures ordinarily occurs early in the audit process. However, planning of the nature, timing and extent of specific
further audit procedures depends on the outcome of those risk assessment procedures. In addition, the auditor may begin the execution of further
audit procedures for some classes of transactions, account balances and disclosures before completing the more detailed audit plan of all remaining
further audit procedures.
The audit may consider the following matters when establishing the scope of the audit engagement:
1. The financial reporting framework on which the financial information to be audited has been prepared, including any need for
reconciliations to another financial reporting framework.
2. Industry-specific reporting requirements such as reports mandated by industry regulators.
3. The expected audit coverage, including the number and locations of components to be included.
4. The nature of the business segments to be audited, including the need for specialized knowledge.
5. The reporting currency to be used, including any need for currency translation for the financial information audited.
6. The need for a statutory audit of stand-alone financial statements in addition to an audit for consolidation purposes.
7. The availability of the work of internal auditors and the extent of the auditor's potential reliance on such work.
8. The entity's use of service organizations and how the auditor may obtain evidence concerning the design or operation of controls
performed by them.
9. The expected use of audit evidence obtained in prior audits, for example, audit evidence related to risk assessment procedures and tests
of controls. The effect of information technology on the audit procedures, including the availability of data and the expected use of
computer-assisted audit techniques.
10. The coordination of the expected coverage and timing of the audit work with any reviews of interim financial information and the effect on
the audit of the information obtained during such reviews.
11. The discussion of matters that may affect the audit with firm personnel responsible for performing other services to the entity.
12. The availability of client personnel and data.
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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Documentation
The auditor should document the overall audit strategy and the audit plan, including any significant changes made during the audit
engagement.
The auditor's documentation of the overall audit strategy records the key decisions considered necessary to properly plan the audit and to
communicate significant matters to the engagement team. For example, the auditor may summarize the overall audit strategy in the form of
a memorandum that contains key decisions regarding the overall scope, timing and conduct of the audit.
The auditor's documentation of the audit plan is sufficient to demonstrate the planned nature, timing and extent of risk assessment
procedures, and further audit procedures at the assertion level for each material class of transaction, account balance, and disclosure in
response to the assessed risks. The auditor may use standard audit programs or audit completion checklists. However, when such
standard programs or checklists are used, the auditor appropriately tailors them to reflect the particular engagement circumstances.
The form and extent of documentation depend on such matters as the size and complexity of the entity, materiality, the extent of other
documentation and the circumstances of the specific audit engagement.
For initial audits, additional matters the auditor may consider in developing the overall audit strategy and audit plan include the following:
1. Unless prohibited by law or regulation, arrangements to be made with the previous auditor, liar example, to review the previous auditor's
working papers.
2. Any major issues (including the application of accounting principles or of auditing and reporting standards) discussed with management in
connection with the initial selection as auditors, the communication of these matters to those charged with governance and how these
matters affect the overall audit strategy and audit plan.
3. The planned audit procedures to obtain sufficient appropriate audit evidence regarding opening balances (see PSA 510, "Initial Audit
Engagements - Opening Balances").
4. The assignment of firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks.
5. Other Procedures required by the firm's system of quality control for initial audit engagements (for example, the firm's system of quality
control may require the involvement of another partner or senior individual to review the overall audit strategy prior to commencing
significant audit procedures or to review reports prior to their issuance).
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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b. Other CPAs
-When a portion of the client (e.g ., subsidiary in a distant city) is audited by another CPA firm, efforts may be coordinated. For
example, if the accounts of the subsidiary are to be consolidated with the overall enterprise, and if that subsidiary is audited by
another CPA firm, the auditors must coordinate timing of necessary reports and procedures to be performed.
c. Specialists
-CPAs may lack the qualifications necessary to perform certain technical tasks relating to the audit. A specialist brings unique
knowledge and judgment in a field other than accounting and auditing. An auditor might decide to have an art appraiser place
values on works of art, a mineralogist determine the physical characteristics of mineral reserves, or an actuary provide data
related to a group's life expectancy. Effective planning involves arranging for the appropriate use of specialists both inside and
outside of the client organization.
d. Use of Client's Staff
-The auditors should obtain an understanding with the client as to the extent to which the client's staff, including the internal
auditors, can help prepare for the audit. The client's staff should have the accounting records up-to-date n when the auditors
arrive. In addition, many audit working papers can be prepared for the auditors by the client's staff, thus reducing the cost of the
audit and freeing the auditors from routine work. The auditors may set up the columnar headings for such working papers and
give instructions to the client's staff as to the information to be gathered. These working papers should bear the label Prepared
by Client, or PBC, and also the initials of the auditor who verifies the work performed by the client's staff. Working papers
prepared by the client should never be accepted at face value; such papers must be reviewed and tested by the auditors.
-Among the tasks that may be assigned to the client's employees are the preparation of a trial balance of the general ledger,
preparation of an aged trial balance of accounts receivable, analyses of accounts receivable written off, lists of property additions
and retirements during the year, and analyses of various revenue and expense accounts. Many of these "working papers" may
be in the form of computer spreadsheets and other computerized data files.
e. Internal Auditors
-Internal auditors can affect the audit in two ways. First, they can enhance internal control. For example, if internal auditors
determined that bank reconciliations were properly prepared and all cash receipts were deposited, the entity's controls would
enhance the reliability of the accounting records. In such cases, independent auditors would be able to reduce the extent of
substantive testing. In deciding whether to reduce the amount of testing for specific assertions because of work performed by
internal auditors, the independent auditor should consider (1) the materiality of the amount, (2) the risk of misstatement, and (3)
the degree of subjectivity involved in evaluating the accumulated audit evidence. As these factors increase, the auditor is less
likely to rely on the internal auditor's work.
-The second way internal auditors affect an audit is by assisting independent auditors in performing specific audit procedures.
For example, an internal auditor may observe client personnel taking the inventory.
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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On recurring engagements, the program for the preceding audit should be studied before preparing the program for the current audit.
The program for the current audit should reflect modifications or are required by the experience gained in the business, internal
control or accounting methods of the client.
The total time must be allocated by the preparation of work schedules indicating who is to do what and how long it should take.
For repeat engagement, the development of time budget is facilitated by reference to the preceding year's detailed nine records.
The auditor shall include the following in the audit documentation of the auditor's understanding of the entity and its environment and the assessment
of the risks of material misstatement:
a. The significant decisions reached during the discussion among the engagement team regarding the susceptibility of the entity's
financial statements to material misstatement due to fraud; and
b. The identified and assessed risks of material misstatement due to fraud at the financial statement level and at the assertion level.
The engagement partner and other key management team members shall discuss the susceptibility of the entity's financial statements to material
misstatement, and the application of the applicable financial reporting framework to the entity's facts and circumstances. The engagement partner
shall determine which matters are to be communicated to engagement team members not involved in the discussion.
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
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Interim tests of certain financial statement balances, such as accounts receivable, may also be performed, but this results in additional risk
that must be controlled by the auditors. Significant errors or irregularities could arise in these accounts during the remaining period
between the time that the interim test was performed and the statement of financial position date. Thus, to rely on the interim test of a
significant account balance, the auditors most perform additional tests of the account during the remaining period.
Performance of other substantive tests is scheduled near at, and after year-end. Consideration should be given to such factors as:
a) Deadline for submitting final audit report and filing of income tax returns
b) Ability of the client's staff to submit required schedules
c) Other audit clients
It is far easier to plan for a repeat engagement than planning for a first audit of a new client. The working papers in the previous year's audit provide
a wealth of information useful in planning the recurring engagement. Of course, the auditor in-charge of a repeat engagement would have a good
working knowledge of the client's business. 'The auditor however should not merely duplicate last year's audit program but should modify his
approach to the audit for any changes in the client's operations, internal control structure, or business environment.
The Philippine Standards on Auditing (PSAs) contain basic principles and essential procedures together with related guidance that apply to the audit
of the financial statements of any entity, irrespective of its size, its legal form, ownership or management structure, or the nature of its activities. The
AASC recognizes that small entities give rise to a number of special audit considerations.
The Philippine Auditing Practice Statement 1005, "The Special Consideration in the Audit of Small Entities," which was made effective for audits of
financial statements for periods beginning on or after December 15, 2004 describes the characteristics commonly found in small entities and
indicates how they may affect the application of PSAs. Reference may therefore be made by the auditor to PAPS 1005 when handling audit of small
entities.
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ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
PRELIM
11
ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
care!
ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
care!
ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
PRELIM
1
ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
PRELIM
2
ST. ANTHONY’S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
Tel. No. (036) 5409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: info@sac.edu.ph; bused@sac.edu.ph
In SAC, we
APC 302 – AUDITING AND ASSURANCE: CONCEPTS AND APPLICATION 1 care!
PRELIM